Led by CPT Capital, Hanaco Ventures, The PHW Group as well as Israeli angel investors, the company will use the money to roll out its alternative-meat 3D printer in 2020.
It is developing a solution that combines a proprietary semi-industrial 3D digital printing platform – in fact, one of the world's fastest 3D printers, a 3D meat modeling system and plant-based food formulations. The solution delivers a new category of complex matrix ‘meat’ that is billed as both “delicious and craveable”, while also being cost effective and scalable.
The new technology is expected to enable meat distributors and retailers to design the characteristics of their meat to cater for seasonality, changing demands and consumers preferences with ‘printed meat’ that is 100% predictable and replicable. According to the business, Redefine Meat products have a 95% smaller environmental impact than animal meat, no cholesterol, and are cost-effective.
Eshchar Ben-Shitrit, co-founder and CEO of Redefine Meat, said: "Our goal is not just to develop a new food product, but to introduce a new technology for developing, producing and scaling alt-meat products. We have already successfully printed great products for multiple foodie events, and over the coming 12 months, we will take the technology to the next level where we expect to make a huge impact on the meat market and the future of our planet. We're delighted to have secured this investment, and to be working with high-quality investors, who share our vision and can support Redefine Meat on its path to become an industry leader.”
The business was founded in 2018 in response to what it sees as “growing concern over the sustainability of the meat industry, the ability to meet food requirements of the world's growing population, and compassion for animals”.
"Redefine Meat is a great fit with our portfolio of companies that are working to replace animals in the food supply chain." said Costa Yiannoulis, the CPT Capital Investment Director and new director of the Redefine Meat Board. "We are excited to partner with a company that leverages decades of digital printing experience to offer a fresh look at the way that meat will be produced. From very early on, it was clear that their unique approach has tremendous merits and has already produced some of the highest quality alternative meat products that we have ever encountered."
"We've been following Redefine Meat closely for almost a year as part of a major strategic move in agri-food investments," said Pasha Romanovski, Hanaco Ventures founding partner. "They have a unique position in a massive market, but what made us invest is the sheer progress and speed of this dedicated team."
Peter Wesjohann, CEO PHW Group, added: "There is currently no other company that has demonstrated such an impressive development in the field of 3D printed meat. the PHW Group sees Redefine Meat as a strategic investment, especially regarding the future product development for the European market and our broad distribution network."